Apple stock down 5 percent after iPhone event

Apple's major iPhone announcements yesterday did not win over investors.

Apple shares are down more than 5 percent today, less than 24 hours after the technology giant announced the iPhone 5C and iPhone 5S during a media event at the company's headquarters.

After opening today at $467.01, shares are currently trading down 5.8 percent to $465.97.

The $99 iPhone 5C and $199 iPhone 5S will launch on September 20. The iPhone 5S sports an industry-first 64-bit A7 processor, as well as a fingerprint scanner and an updated camera.